Zacks Investment Management Has $2.54 Million Stock Position in City Holding (NASDAQ:CHCO)

Zacks Investment Management increased its holdings in City Holding (NASDAQ:CHCO) by 6.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,610 shares of the bank’s stock after acquiring an additional 1,373 shares during the period. Zacks Investment Management’s holdings in City were worth $2,537,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of CHCO. Commonwealth Equity Services LLC lifted its position in shares of City by 4.5% in the second quarter. Commonwealth Equity Services LLC now owns 2,126 shares of the bank’s stock worth $226,000 after purchasing an additional 91 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in City by 1.4% in the 2nd quarter. Louisiana State Employees Retirement System now owns 7,400 shares of the bank’s stock valued at $786,000 after buying an additional 100 shares during the period. GAMMA Investing LLC lifted its position in City by 95.8% in the 2nd quarter. GAMMA Investing LLC now owns 231 shares of the bank’s stock worth $25,000 after buying an additional 113 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of City by 1.6% during the 3rd quarter. Victory Capital Management Inc. now owns 8,676 shares of the bank’s stock valued at $1,018,000 after buying an additional 137 shares during the period. Finally, Inspire Investing LLC grew its holdings in shares of City by 6.8% during the 3rd quarter. Inspire Investing LLC now owns 3,493 shares of the bank’s stock valued at $410,000 after acquiring an additional 222 shares in the last quarter. 72.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director C Dallas Kayser sold 1,784 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $133.33, for a total transaction of $237,860.72. Following the completion of the transaction, the director now directly owns 23,637 shares in the company, valued at $3,151,521.21. This represents a 7.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John A. Derito sold 1,243 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $136.93, for a total transaction of $170,203.99. Following the completion of the sale, the executive vice president now owns 28,757 shares in the company, valued at $3,937,696.01. This represents a 4.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,092 shares of company stock valued at $1,196,697 in the last quarter. Insiders own 2.45% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods lifted their price objective on City from $120.00 to $130.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler reiterated a “neutral” rating and issued a $135.00 target price on shares of City in a research note on Friday, November 8th.

City Stock Performance

CHCO opened at $130.55 on Monday. The stock has a 50-day moving average of $123.44 and a 200-day moving average of $115.92. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.82 and a current ratio of 0.82. City Holding has a 52-week low of $97.50 and a 52-week high of $137.28. The company has a market cap of $1.92 billion, a PE ratio of 16.76 and a beta of 0.49.

City (NASDAQ:CHCO) last announced its earnings results on Thursday, October 24th. The bank reported $2.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.92 by $0.10. City had a return on equity of 16.60% and a net margin of 31.18%. The firm had revenue of $98.40 million during the quarter, compared to analysts’ expectations of $73.90 million. As a group, equities research analysts forecast that City Holding will post 7.84 earnings per share for the current fiscal year.

City Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Wednesday, January 15th will be issued a $0.79 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $3.16 annualized dividend and a yield of 2.42%. City’s dividend payout ratio (DPR) is presently 40.56%.

City Profile

City Holding Company operates as a holding company for City National Bank of West Virginia that provides various banking, trust, and investment management, and other financial solutions in the United States. The company offers checking, savings, and money market accounts, as well as certificates of deposit and individual retirement accounts.